The Board of Directors of BNP Paribas met on 31 January 2024. The meeting was chaired by Jean Lemierre, and the Board examined the Group’s results for the fourth quarter 2023 and endorsed the 2023 financial statements.
Jean-Laurent Bonnafé, Chief Executive Officer, stated at the end of the meeting:
“BNP Paribas achieved a very good performance in 2023 that reflects the solidity of our diversified
model, the efficiency of our platforms, and the Group’s ability to continue its development in order to
address the needs of its individual, corporate and institutional clients. On the strength of our teams’
mobilisation and expertise and our technological advances, BNP Paribas will continue to grow and
gain market share.
2023 also featured a strong acceleration in financing the production of low-carbon energies while
exiting the financing of the production of fossil fuels in order to contribute towards transitioning our
economies and our societies. Alongside all our teams, whom I wish to thank for their commitment,
we remain focused on our mission of supporting clients and partners on a long term basis and, more
broadly, of serving the European economy.”
SOLID RESULTS
BNP Paribas’ diversified and integrated model and its capacity to accompany clients and the
economy in a comprehensive way by mobilising its teams, its resources, and its capabilities,
continued to drive growth in activity and results in 2023.
The Group’s performance, as reflected in distributable Net Income1, is solid and in line with
the 2023 objective. Distributable Net Income1 amounted to 11,232 million euros in 2023, up sharply,
by 10.2% compared to the 2022 reported result2. Distributable Net Income reflects BNP Paribas’
intrinsic performance post impact of the sale of Bank of the West and post contribution to the ramp-
up of the Single Resolution Fund and enabled the absorption of the very significant negative impact
of extraordinary items in 2023 recognised in Corporate Centre.
On this basis1
, revenue growth was strong (+3.3%), and operating expenses decreased by
1.0%. The Group achieved a positive jaws effect3. Thanks to its long-term approach and prudent
and proactive risk management, cost of risk is at a low level (32 basis points of outstanding
customer loans)4, driven by a structural improvement in the risk profile over the past 10 years.
The financial structure is solid, and the trajectory of the common equity Tier 1 ratio is on track to
meeting the 12% objective post implementation of the new CRR3 regulation. Lastly, the
redeployment of capital is well underway and disciplined in its approach and sustains the
acceleration in growth.
1 Result serving as a basis for calculating the distribution in 2023 and detailed on slide 11 of the 2023 results presentation
– Variations calculated on this basis
2 Reported on 7 February 2023, i.e., 10,196 million euros
3 +1.0 point on distributable basis and excluding exceptional operating expenses and taxes subject to IFRIC 21
4 Note: cost of risk does not include “Other net losses for risk on financial instruments” i.e., charges related to risk of invalidation or non-enforceability of financial instruments granted (extraordinary provisions on mortgage loans in Poland, provisions for litigation related to Personal Finance, and provisions for risk on receivables in 2023 recognised in Corporate Centre (€775m in 2023))
